Aspen Equipment

Aspen Equipment
Industries: Distribution, Industrial Products & Services
Close year: 2021
Project: Sell-Side M&A
Client: Entrepreneur
Transaction: Sale to Strategic

Hennepin Partners advises Aspen Equipment Company on its sale to The Manitowoc Company

Bloomington, MN – Aspen Equipment Company has been acquired by The Manitowoc Company, Inc. (NYSE: MTW). Hennepin Partners acted as Aspen’s exclusive financial advisor and Fafinski Mark & Johnson served as legal counsel. The transaction closed on September 1, 2021.

Aspen is a leading crane dealer and work truck upfitter with operations in Minnesota, Iowa, and Nebraska. Its product array includes heavy cranes, aerial devices, and work trucks that incorporate boom cranes, knuckle boom cranes, digger derricks, dump bodies, and snowplows. Aspen offers new and used equipment, rentals, replacement parts, and service to customers in the utility, snow and ice control, construction, mining, and railroad industries.

The Manitowoc Company is a leading global manufacturer of cranes and lifting solutions. Through its wholly-owned subsidiaries, Manitowoc designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, lattice-boom crawler cranes, boom trucks, tower cranes, and industrial cranes under the Grove, Manitowoc, National Crane, Potain, and Shuttlelift brand names.

The transaction will enhance Manitowoc’s direct-to-customer footprint in Iowa, Nebraska, and Minnesota. The deal will also allow Manitowoc to offer a greater depth of product and service offerings to a wider base of customers. For example, Aspen’s upfitting business complements Manitowoc’s National Crane boom truck business and will enable Manitowoc to better serve key end markets such as utility and telecommunications.